Vueling’s net cash reaches €278m

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Vueling Airlines continues to strengthen its balance sheet as it generated €31.96 million ($41.25 million) cash flow from operating activities in the first quarter of 2012.

The Spanish low-cost carrier cut its first quarter net losses by almost 29% to €16.5 million as it reported a 32.5% increase in revenues in three-months' period to €168.5 million.

Vueling used €3.56 million cash flow in investing activities as well as €2.29 million cash flow in financing activities.

Cash and equivalents reached €41.22 million at the end of the first quarter.

At 31 March 2012, net cash position reached €277.9 million, up €31.3 million on 31 December 2011.